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\begin{tabular}{lcccc} \hline
 & (1) & (2) & (3) & (4) \\
VARIABLES & outgaptdl & outgaptdl & outgaptdl & outgaptdl \\ \hline
 &  &  &  &  \\
L.outgaptdl & 0.625*** & 0.579*** & 0.652*** & 0.633*** \\
 & (0.040) & (0.032) & (0.042) & (0.034) \\
L2.outgaptdl & 0.155*** & 0.077*** & 0.129*** & 0.039 \\
 & (0.033) & (0.027) & (0.036) & (0.029) \\
L.democracy & -0.274*** & -0.065 & -0.238*** & -0.148*** \\
 & (0.065) & (0.050) & (0.071) & (0.054) \\
L.outgapgdphamilton & -0.012 & 0.019 & 0.012 & 0.020 \\
 & (0.022) & (0.016) & (0.023) & (0.016) \\
cL.democracy\#cL.outgapgdphamilton & -0.085*** & -0.047* & -0.077*** & -0.044* \\
 & (0.033) & (0.027) & (0.029) & (0.024) \\
limports &  &  & 0.002** & 0.001** \\
 &  &  & (0.001) & (0.001) \\
lexports &  &  & -0.003*** & -0.002** \\
 &  &  & (0.001) & (0.001) \\
lnlpop &  &  & -0.003 & -0.003 \\
 &  &  & (0.004) & (0.004) \\
lnlgdppcap2 &  &  & 0.045*** & 0.025* \\
 &  &  & (0.017) & (0.013) \\
lelecconspc &  &  & -0.000** & -0.000 \\
 &  &  & (0.000) & (0.000) \\
lpopdensity &  &  & 0.000 & 0.000 \\
 &  &  & (0.000) & (0.000) \\
 &  &  &  &  \\
Observations & 3,186 & 3,186 & 2,951 & 2,951 \\
 Number of iso3c\_code & 110 & 110 & 108 & 108 \\ \hline
\multicolumn{5}{c}{ Standard errors in parentheses} \\
\multicolumn{5}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
\end{tabular}
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